The purchase deal of a 100% stake in Uzagroexportbank by the Russian Sovcombank from the State Assets Management Agency of Uzbekistan (SAMA) has been practically cancelled, stated the first deputy chairman of Sovcombank Sergey Khotimsky, Interfax reported.
“Unfortunately, due to the fact that sanctions were imposed on us, as well as on almost all systemically important Russian banks, the implementation of the project under the current circumstances has become impossible. Now, by mutual decision of the parties, the transaction is in the process of cancellation. We can say that it has almost been canceled,” he said.
The United States imposed blocking sanctions on Sovcombank at the end of February 2022. Later, similar decisions were made by a number of other countries.
It was reported on February 23, that Sovcombank bought out the entire state-owned stake (100%) in Uzagroexportbank for $4 million. A Russian private bank won a public tender to privatize this bank.
